Digital Banking: India’s Jana Small Finance Bank Introduces DIGIGEN, a Neobank with Competitive Interest Rates

Bengaluru-based Jana Small Finance Bank, a scheduled commercial bank, has introduced a new digital banking solution, called DIGIGEN.

The neobank will allow users to digitally open a savings account and offers various fixed deposit options, which can be accessed instantly from anywhere at any time.

According to its developers, DIGIGEN’s onboarding process is simple and hassle-free. It requires customers to open a savings account with the bank, and then begin earning a highly competitive 4.5% interest rate. Notably, there’s no minimum balance required and users can also reportedly earn as much as 7.50% interest on fixed deposits.

DIGIGEN also provides other banking features such as online bill payment, instant funds transfer, and airport lounge access when using the company’s debit card.

To sign up, users need to provide their personal details in order to complete mandatory KYC checks. Customers may deposit as much as Rs.1 Lakh or INR 100,000 (appr. $1,300) in this account before being allowed to upgrade it to a full KYC account.

Ajay Kanwal, CEO and managing director at Jana Small Finance Bank, stated:

“One does not need to be tech-savvy to open a DIGIGEN account, as we have made the platform simple and user friendly.” 

He added:

“Customers will get real ‘paise ki kadar’ (will realize the value of their money) when they choose the full feature zero balance saving account giving them 4.5 percent p.a. and/ or a digital FD with 7.5% per annum interest.”

Jana Small Finance Bank has reportedly partnered with a major network security firm,  in order to protect its clients from potential phishing attacks. The digital bank has introduced information and cybersecurity policies and guidelines, which are consistent with the Reserve Bank of India and ISO 27001 recommendations.

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